Ajanta Pharma Gains 4% After Board Approves Upto Rs 286-Crore Share Buyback Plan
Shares of Ajanta Pharma rose nearly four per cent on Tuesday, December 28 after its board approved a share buyback plan of up to Rs 286 crore in which the drugmaker would buy back shares at a maximum price of Rs 2,550.
Shares of Ajanta Pharma opened at Rs 2,181 on the BSE during the entire trading session today and touched an intraday high of Rs 2,338.10 and an intraday low of Rs 2,161.
“The Board of the company has approved the buyback of 11,20,000 fully paid-up shares of face value of Rs 2, payable in cash at a price of Rs 2,550 per share,” Ajanta Pharma said in a regulatory filing to the stock. Exchange today.
According to the statement, the total payment for buyback of shares shall not exceed Rs 356 crore, of which share buyback consideration would not exceed Rs 286 crore and tax would not exceed Rs 70 crore.
“This buyback represents 1.29 per cent of the total number of equity shares of the company and 9.89 per cent of the paid-up share capital and free reserves of the company as per the audited financial statements for the financial year ended March 31, 2021,” said Mumbai-based. Company added.
The record date for the same has been fixed as January 14, 2022. Ajanta Pharma is a specialized pharmaceutical manufacturing company with presence in domestic and various international markets. On NSE, Ajanta Pharma shares opened at Rs 2,197.05 on the BSE today, registering an intraday high of Rs 2,340 and an intraday low of Rs 2,175 on the BSE for the full session today.
On Tuesday, December 28, Ajanta Pharma shares closed 3.83 per cent higher at Rs 2,263.90 on the BSE.